Episode # 425 "Making End-Of-Life Decisions NOW"
We don't like to think about it, but we'll all pass away at some point. Some make it to old age, but many don’t.
If we make preparations now, we can control what happens to our assets and even our minor children after we are gone.
It is a very important task that we definitely need to handle, NOW.
We could die, we could become incapacitated through injury, a stroke or even disease.
If, or when, that time comes, we need to already have these things in place.
DISCLAIMER:
Today’s episode is not legal advice.
We are not attorneys, and we did not sleep in a Holiday Inn Express last night.
Today’s episode is to make you think about some of the legal matters you might want to consider NOW, for when the end of your life comes.
Consult an attorney and or a financial planner when making decisions or completing these documents.
Preparing for end-of-life legal matters is an important step to ensure your affairs are in order and your wishes are respected.
Some of you may be thinking, "I'm too young to be needing that right now."
Are you married? Do you have children?
If so, you need to deal with this NOW, to protect your family once you're gone.
Here are some key end-of-life legal matters that should be considered:
Last Will and Testament:
Legally binding document that outlines how you want your assets to be distributed after your death
Designate beneficiaries
Name an executor
Choose someone you trust
Address other important matters
Power of Attorney:
A Power of Attorney (POA) is a legal document that grants one person the authority to act on behalf of another person (the principal) in various legal, financial, or medical matters.
A Power of Attorney can be a valuable legal tool for various situations, including financial management, healthcare decisions, and legal representation
Appoint someone you trust as your power of attorney to make decisions on your behalf if you become unable to do so due to illness or incapacitation.
There are several types of Power of Attorney, each serving different purposes:
General Power of Attorney:
This type of POA grants the agent broad authority to make financial and legal decisions on behalf of the principal.
It is often used for convenience when the person is unable to handle their own affairs, such as during travel or illness.
A general POA is usually revoked if the person becomes incapacitated.
Limited or Special Power of Attorney:
This document specifies limited powers and is often used for a specific purpose or time frame. For example, a person might grant a limited POA to allow someone to handle a real estate transaction in their absence.
Durable Power of Attorney:
(This one is very important)
A durable POA remains valid even if the person becomes incapacitated.
It's a valuable tool for managing the financial and legal affairs of someone who is unable to do so themselves due to a medical condition or disability.
Medical Power of Attorney (Healthcare Proxy):
This document authorizes someone to make medical decisions on behalf of the person when they are unable to do so themselves.
It is used to ensure that the person's healthcare wishes are followed.
Advance healthcare directive:
It’s a document that outlines your preferences for medical treatment, life-sustaining measures, and end-of-life care.
Ensures your healthcare wishes are known and respected if you are unable to communicate them yourself.
Living will:
Create a living will to specify your preferences regarding medical treatment in the event of a terminal condition or irreversible coma.
It can address decisions related to life support, resuscitation, and palliative care.
Organ and tissue donation:
If you wish to donate your organs or tissues upon death, ensure you have registered as an organ donor and communicate your decision to your loved ones.
Estate planning:
Consult with an attorney to discuss your estate planning
It covers the distribution of assets, minimizes taxes, establishes trusts, and provides for dependents.
Digital estate planning:
What will happen to your digital assets, such as online accounts, social media profiles, and digital files?
Make a plan for how you want these assets to be managed or passed on after your death.
Guardianship for dependents:
If you have dependent children, make arrangements for their care and designate a guardian who will assume responsibility for them in the event of your death.
Beneficiary designations:
Review and update beneficiary designations on retirement accounts, life insurance policies, and other financial accounts to ensure they accurately reflect your current wishes.
This helps avoid complications and ensure that your assets are distributed according to your intentions.
Financial planning:
Consult with a financial advisor to review your overall financial situation and ensure that your investments, savings, and retirement plans align with your end-of-life goals and any potential expenses or debts that may arise.
Funeral and burial arrangements:
Consider pre-planning your funeral and burial arrangements to alleviate the burden on your loved ones.
Specify your preferences for burial, cremation, funeral services, and any specific requests you may have.
Communication and documentation:
Ensure that your loved ones know of your end-of-life legal documents and where they are stored.
Provide them with copies or access to the necessary information so that they can easily carry out your wishes and handle your affairs when the time comes.
Stuff happens. Stay prepared.
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